Fall has brought Metro Denver its most balanced market in years. This is mirroring many markets nationally. November 4th midterm elections will further define Denver and the State's real estate markets. September closed with the fewest September sales since 2008, while inventory sits near five months of supply. Prices are holding up rather than falling: the metro median eased just under 2% from a year ago, and sellers still receive more than 98% of list price. The Denver average median detached home value year to date is $650,000. In select markets like Cherry Creek North or Castle Pines, oversupply isn't an issue, especially with new construction. Cherry Creek's crane watch now includes the Waldorf Astoria Residences actively and the planned 42 new luxury Four Seasons Residences between Detroit, Second and Third streets.
For buyers, that means real choice and room to negotiate. For sellers, it means the homes that sell are the ones priced to today's market and presented beautifully.
Sellers are further focusing on effective representation to shorten the sales cycle while maximizing their home's value. To understand more, reach out for a personalized consultation. Our online resources, from lenders to our real estate quarterly archive, is another excellent option for understanding today's dynamic market.